Published on 3/25/2015 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.35 million variable-coupon notes on eight stocks
By Toni Weeks
San Luis Obispo, Calif., March 25 – Citigroup Inc. priced $1.35 million of variable-coupon notes due March 28, 2022 linked to a basket of eight common stocks, according a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of 3D Systems Corp., Cognizant Technology Solutions Corp., Google Inc., Mobileye NV, Northrop Grumman Corp., ServiceNow, Inc., Stratasys Ltd. and VMware, Inc.
The notes will pay a coupon each year equal to the greater of (a) the average of the stock performances on the applicable coupon observation date and (b) zero.
If a stock's return is greater than or equal to zero, its performance will be equal to the return cap, which is 9.35%. Otherwise, its performance will be the greater of the stock return and negative 30%.
The payout at maturity will be par plus the final coupon payment, if any.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Variable-coupon notes
|
| Underlying stocks: | 3D Systems Corp., Cognizant Technology Solutions Corp., Google Inc., Mobileye NV, Northrop Grumman Corp., ServiceNow, Inc., Stratasys Ltd. and VMware, Inc., equally weighted
|
| Amount: | $1.35 million
|
| Maturity: | March 28, 2022
|
| Coupon: | Sum of average of stock performances on applicable coupon observation date; coupon is payable annually and cannot be less than zero
|
| Stock performance: | If stock’s return is greater than or equal to zero, 9.35%; otherwise, greater of stock return and negative 30%
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon payment, if any
|
| Pricing date: | March 23
|
| Settlement date: | March 27
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 1730T06M6
|
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